Weak results: Retailers drag U.S. stocks lower
NEW YORK - Stocks closed lower after several major retailers reported disappointing results.
Home Depot was up $1.46 to $77.96. Investors overlooked meager earnings after the home improvement store said it will make up for the sales lost during winter storms.
Staples dropped 13 percent after the office supply chain said its earnings fell sharply in the latest quarter.
Dick's Sporting Goods plunged 18 percent after its earnings and revenue fell short of expectations.
The Dow Jones industrial average slid 137.55 to 16,374.31. The S&P 500 fell 12.25 to 1,872.83. The Nasdaq index dropped 28.92 to 4,096.89.
GM recalls more autos, sets a new record high
DETROIT - General Motors said Tuesday it's recalling 2.4 million vehicles in the U.S. as part of a broader effort to resolve outstanding safety issues more quickly.
The latest action brings to 13.6 million the number of vehicles GM has recalled in this year, a new record for the automaker.
GM said no fatalities were linked to these latest recalls:
1.3 million Buick Enclave, Chevrolet Traverse and GMC Acadia crossovers from the 2009-14 model years and Saturn Outlook crossovers from 2009-10. GM says the front safety lap belt cables can wear down and separate over time.
1.1 million Chevrolet Malibu sedans from 2004-08 and Pontiac G6 sedans from 2005-08 because a shift cable could wear out over time. GM knows of 18 crashes and one injury from the defect.
1,402 Cadillac Escalade and Escalade ESVs from the 2015 model year because a faulty weld could result in partial deployment of the front passenger air bag in a crash.
58 Chevrolet Silverado HD and GMC Sierra HD pickups from the 2015 model year because retention clips attaching the generator fuse block to the vehicle body can become loose and lead to a potential fire.
Chipotle: Don't bring guns into our locations
NEW YORK - Chipotle is asking customers not to bring firearms into its stores after it says gun rights advocates brought military-style assault rifles into one of its Texas restaurants.
The company notes that it has traditionally complied with local laws regarding firearms. But in a statement Monday, it said "the display of firearms in our restaurants has now created an environment that is potentially intimidating or uncomfortable for many of our customers."
The announcement came after a petition by Moms Demand Action for Gun Sense in America, which has called on other companies to ban firearms in their stores. The group said its petition was in reaction to open-carry gun activists appearing at a Dallas-area Chipotle over the weekend.
Petco will halt sales of China-made pet treats
NEW YORK - Petco said Tuesday that it will stop selling dog and cat treats made in China by the end of this year due to ongoing fears that the imported treats are making pets sick.
The U.S. Food and Drug Administration hasn't been able to figure out why pets are getting ill. Since it launched an investigation late last year, the FDA said it received more than 4,800 complaints of pet illnesses and 1,000 reports of dog death after eating Chinese-made chicken, duck or sweet potato jerky treats. Petco doesn't sell any pet food made in China.
Microsoft unveils new, bigger Surface tablet
NEW YORK - Microsoft announced a larger version of its Surface tablet to make the device more compelling as a laptop replacement. The Surface Pro 3 will have a screen measuring 12 inches diagonally, up from 10.6 inches. Microsoft said it's also thinner and faster than before.
The Surface Pro 3 will go on sale this summer, in five configurations ranging from $799 to $1,949. Microsoft will start taking orders May 21. Older models will still be available. The starting price of the Pro 2 is $100 more, at $899, but it has a faster processor than the Pro 3's starting model.
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